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$5 billion laundered through b.c. real estate in 2018, driving up home prices

by:Dolight LED Panel     2019-09-24
VICTORIA —
It is estimated that $5 billion was washed off in the real estate market in Colombia, UK last year. The report also unveiled illegal cash transfers across Canada. Some $7.
B. Washed 4 billion pounds in totalC.
In 2018, of Canada\'s estimated total of $47 billion, a panel of experts led by the former B completed the report. C.
Deputy Attorney General Maureen Maloney
The report was one of two reports released on Thursday and saidC.
Of Canada\'s six regions, money laundering ranks fourth after Alberta, Ontario and the Prairie
Province of SA and Manitoba.
The report said that the rise in money laundering estimates in Alberta and the Prairie may be \"surprising\", but the crime rate in these provinces is rising, and illegal cash is at real estate prices than B. C.
\"This report makes it clear that this is not a problem for B. C.
Finance Minister Carol James said at a press conference.
\"This is a question for all of Canada.
This is a problem facing all jurisdictions. \" B. C.
The legislation submitted last month aims to prevent tax evasion and money laundering by focusing on anonymous property owners hidden behind shell and numbering.
\"The key is that we are not waiting,\" James said . \"
\"Yes, we need to work with other provinces.
Yes, we need to work with the federal government.
Justice Minister David Abby said money laundering was a national crisis and only recently did the federal government give proper attention.
Eby and Federal Minister for the reduction of organized crime Bill Blair have met in recent months to discuss strategies to combat money laundering.
\"Wealthy criminals and those who are trying to evade taxes have run our province for so long that they are now distorting our economy and hurting families looking for housing, and affect those who have lost their loved ones due to an overdose of opioid drugs (crisis),\" Eby said.
\"The party is over,\" he added.
The provincial government commissioned two reports in last September to clarify the money laundering problem of organized crime in the expensive real estate market in the province, following a report by Peter Derman, former deputy director of the RCMP, on casino dirty money in last June.
The Germans were then asked to write a second report on real estate, in which he said that illegal money was injected into B. C.
The economy led to the crazy purchase of real estate.
Maloney\'s report estimates that illegal cash on the market last year raised the cost of buying a house in the province by five percentage points.
Reports from Germany say thousands of specific properties are worth billions of dollars and there is a high risk of potential money laundering.
\"His findings clearly demonstrate the consequences of the lack of supervision, the weakness of data collection, and the complete government\'s indifference to this malignant cancer to our economy and society so far, eby spoke about the German report.
Abby aimed at the front B. C.
The free government allegedly turned a blind eye to the crisis.
Justice minister\'s opposition Liberal critic Michael Lee said in a statement Thursday that the government now needs to turn its attention to action.
\"The BC Liberal Party called on John Hogan and the NDP to consider these reports carefully, to engage quickly with the federal government and to take action to ensure that those who violate the law are prosecuted and ultimately convicted
Eby said he was not in a fantasy about the problems facing the province. He said B. C.
The cabinet is currently deciding whether to conduct an open inquiry.
Andrew Weaver, leader of the Greens, said the German report laid a \"direct reason\" for such an investigation \".
\"That is to say, it will raise public awareness, play a key role in finding mistakes and help to develop a complete proposal,\" Weaver said in a statement . \".
Maloney\'s report made 29 suggestions, including a call for B. C.
A financial investigation team was set up.
Part of Germany\'s latest report has been released earlier, including limited police resources to combat money laundering. C.
Contact with luxury car sales and horse racing.
Eby said earlier this week that he was shocked to hear that some criminals had money laundering through B. C.
When they send out the car, China\'s luxury car industry is getting tax rebates for provincial sales.
The attorney general said the government would take steps to plug tax loopholes to prevent the province from losing nearly $85 in tax rebates --
Millions of dollars since 2013.
Some regulatory and professional bodies anticipated the results of the report and proposed counter-money-
The money laundering policy was formulated last month. The B. C.
The real estate commission said it would work with the federal financial transactions and Reporting Analysis Centre (FINTRAC) of Canada to identify and block money laundering and terrorist financing in the industry. The B. C.
Real Estate Association, agency serving B . 23, 000 real estate agentsC.
He said in April that it would work with four other agencies to exclude the proceeds of the crime from real estate.
Other Participating organizations include the Canadian Institute of assessment, the BC Society of Notaries, the Canadian Association of Mortgage Brokers and the Vancouver real estate commission.
Each organization promises to share information and only accepts verified funds.
They also suggested a counter.
Money laundering education is mandatory for all real estate professionals.
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